Saturday, June 16, 2007
Soldiers and Sailors Relief Act
Am I the only person who didn't know that you can cap all of your interest loans to 6% while deployed?
According to the Soldiers and Sailors Relief Act,
"One of the most significant provisions under the act limits the amount of interest that may be collected on debts of persons in military service to 6 percent per year during the period of military service. This provision applies to all debts incurred prior to the commencement of active duty and includes interest on credit card debt, mortgages, car loans and other debts. The provision applies to pre-service debts, and the interest rate reduction doesn't occur automatically — service members must request it."
Please get the word out on this one. That's a sweet deal.
posted by El Capitan at 12:26 PM